Mark My Words

[Update²: Student and Car loans????]
[Update: Here it begins. Check the comments though. A lot of folks there apparently agree with me.]

I just heard Barack Obama on NPR saying that as part of the general financial bailout we should have some sort of relief for people who can't pay their mortgages. This distinguishes him from John McCain.

Mark my words. If Obama wins and the Democrats dominate Congress, they will use their newly granted power over Fannie, Freddie and the Financial sector to force an enormous housing giveaway. There is no way the Democrats will demand that people meet their financial obligations. Instead, we will get sob stories about "hurting families." The temptation for the Democrats to buy an entire generation of voters by waiving mortgage obligations will be too much to resist.

People who acted responsibly and didn't buy into the housing speculation bubble will be forced by their own government to help pay the mortgages of those who irresponsibly gambled and lost.

Maybe I'm crazy cynical. I hope I am. But as I said before, I have a bad feeling about this.